I think some good points have been made so far, but I'd like to add my two cents.
First of all, John Deere, New Holland and Case IH all use "ABS" plastic hoods and fenders. I think most people would agree that they would rather have this than sheet metal, which is prone to rust and dents. Then again, some people think that sheet metal makes it a "real" tractor. Its all perception and preference. I don't think this should be the issue at hand.
The issue in my mind is the hoods on the new 3020 and 4020 series. Neil Messick made a good point above about how NH and Case IH use a steel subframe to support the hood. This eliminates any flex of the hood when it is raised. I don't want to cause any cognitive dissonance to 3020 and 4020 owners, but I was rather unimpressed with the way the hoods flexed when they were opened. First of all, my first impression of the tractor was that some cost had been taken out of the product... and to me that is not a good thing unless the surplus curve swings towards the consumer side of the equation (price decreases). Secondly, if I were to open the hood while the engine was hot, I would burn my hood because it rubs against the muffler when it is lifted. I have heard this is a common occurence, especially on the 4020 series.
Now don't get me wrong I think that Deere makes a good product, but a lot of their brand image is due to their brilliant marketing, not necessarily because they have a higher quality product.